April 28, 2011

2012 OMERS Act Internal Governance Review

The SC approved Terms of Reference for retention of an advisor in preparation for its participation in an internal governance review to be conducted along with the OAC Board. The CGC (Corporate Governance Committee) was tasked with reviewing relevant material and working with SC staff, and a sub-committee from the Joint Council (board members from both the OAC and the SC) was confirmed to spearhead the Internal Governance Review process.

OMERS Investment Management (OIM)

Further definitions and parameters were determined for potential OIM clients and contracts.

Contribution Rate Allocation

With both OAC and SC Actuaries, the SC reviewed contribution rate allocation among the four groups typically assessed, NRA (Normal Retirement Age) 60 and NRA 65, both above and below the maximum CPP earnings level. Additional information was requested from staff.

Specified Plan Change (SPC) Proposals

Seven Proposals were tabled by Members, including one originally proposed by a stakeholder. Three of the proposals related to RCA thresholds, two were for provision of the right to negotiate NRA 60, and the other two related to contribution rates and allocation methodologies. It was noted that the proponents had until May 14 to amend their proposals, after which time a Compendium of current proposals would be provided to all SC Members. (Note: Details regarding SPCs and subsequent amendments are posted on the SC website, under Plan Design, on an ongoing basis throughout the deliberation period.)